All Forum Posts by: Dan Deppen

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 My understanding was that it was illegal for residential.

Land contract rules can vary a lot by state. In some cases you do have to FC vs cancelling the contract. Here is a good link I got from Cody Cox a while back that gives the rules for each state: https://contractfordeed.uslegal.com/state-laws/

I've had a good experience with my Quest IRA. Very responsive and quick to fund, much better than some other IRA companies I have dealt with.

Welcome to note investing! I'm not an expert on 2nd's so I'll let other folks speak to that. In the world of 1st's entry points will typically be $20,000+. You can certainly find notes for much less than that, but it gets very risky if you go too low end. Also, are you looking at performing or non-performing? Don't forget you also need capital to work out the note and cover other expenses. Books are a great place to start, but I would also get some form of training before diving in.

I'm not familiar with the program, but I would run away from anyone guaranteeing you will make money.

I like performing notes for income. There are some caveats though. You will need some level of training before diving in, and it usually takes a few months of preparing before you are ready to actually buy something. If the note stops performing then it becomes the opposite of passive, and you need to know what to do in that circumstance.... But if you are in it for the long term and have the goal of acquiring many of them to produce income, then I think its worth looking into.

First thing I do is save a copy of the original. Then I create a 'working' version of the file and add a sheet where I copy my due diligence checklist into. Having all of the originals allows me to do quick checks on future tapes to see if they have been recycled. Then having a checklist in each tape file I can tick off ensures I don't miss anything. This is helpful for picking up where I left off when I am busy and can't go through everything in one sitting.

The first real steps are running through some initial filters for things like: key states, property type, loan balance, est value, etc.

Has anyone on here sold a note on FCI, and what was your experience?

Welcome to BP Lauren!